( Kitco News) – The gold market jumped higher with prices well above $ 1
Gold prices were showing strong gains ahead of the report and spiked higher in initial reaction. August gold futures lasted at $ 1,424.10 in an ounce, up more than 1% on the day.
, which significantly missed expectations the previous month. However, economists continue to note that ADP data is not a consistent predictor for nonfarm payrolls.
Adam Button, managing director of Forexlive.com, said that the latest employment data provides further support for a Federal Reserve rate cut by the end of the month.
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